Purchase and Sale Agreements

  • P & S Agreement:  The master Purchase and Sale agreement offered by the Berkshire County Board of REALTORS has been approved by legal counsel as it is written. Additions or deletions are not sanctioned by the Board and should only be undertaken at the advice of legal counsel or express direction of the client. Please note that each paragraph marked with an arrow represents a section of the contract that has options or fill-in fields that MUST be completed and change the terms of the standard agreement. Take a look at the Purchase and Sale agreement and see how much easier it is to peruse the ‘changes’, knowing that the rest of the language is standard! The only caveat is that you should always make sure that your clients go through the entire contract to understand the obligations that they are agreeing to before signature.

 

  • P & S General Addendum:  The form is used when language needs to be added to the Purchase and Sale Agreement.  Remember that the addition of legal obligations to a contract remain the job of an attorney, and agent must never participate in the unauthorized practice of law.   In its most general sense, the practice of law involves giving legal advice to clients or drafting legal documents or contract terms for clients. The standard agreement has been drafted, reviewed and approved for use by counsel and any changes or additions should only be done at the direction of counsel.

 

  • P & S Income Property Rider:  In the event that a property that you are drafting a Purchase and Sale Agreement contains income elements, this addendum is an easy way to identify those that are part of the sale.  Alternatively, a lawyer can draft riders or income addendum if this does not fit the circumstances of your sale.

 

  • P & S Condo Rider:  In the event that a property that you are drafting a Purchase and Sale Agreement for is a condominium with additional approval or term requirements.

 

  • P & S Instructions to Release from Escrow:  To be used if the Purchase and Sale is terminated and the escrow agent needs to release deposits as agreed by the buyer and seller.

 

  • P & S Termination of Contract:  In the event that a buyer terminates a Purchase and Sale Agreement based on financing or inspection issues, this form can be used to allow the listing agent to release the escrow deposits.

 

  • P & S Extension of Time for Contingencies:  In the event that a buyer is unable to meet the deadlines for financing, septic or inspection, this form allows the buyer to request and the seller to grant (via signature) an extension of the protection terms in paragraph 4 of the purchase and sale.

 

  • P & S Extension of Time for Performance:  In the event that the agreed upon closing date needs to be moved, you can draft and have the buyer and seller sign to agree to change said date.

 

  • Dispute Resolution System:  The Purchase and Sale contains an agreement that the buyer and seller will mediate their disputes related to the agreement before filing a lawsuit.  This fact sheet provides information on that agreement, and process.

 

  • P & S Agreement Land:  An alternative version of the Purchase and sale agreement where the provisions dealing with a structure have been omitted.

 

  • Lead Paint Property Transfer Notification:  Required to be completed by the seller and buyer prior to the offer of purchase / purchase and sale. The best way to ensure this is completed is to submit the seller completed lead paint form in the MLS system, with the listing information provided to the other buyer / buyer’s agent and then the buyer’s agent can include the executed form along with the purchase and sale agreement from the buyer.